Kraken charged by SEC

Cryptocurrency exchange Kraken has been charged by the US Securities and Exchange Commission.

The exchange – one of the oldest in crypto – has been operating as an “unregistered securities exchange”, the SEC alleged.

Gurbir S Grewal, the SEC’s director of its Division of Enforcement, directly accused the platform of misconduct.

“Kraken’s choice of unlawful profits over investor protection is one we see far too often in this space,” he said.

“And today we we’re both holding Kraken accountable for its misconduct and sending a message to others to come into compliance.”

The official statement read: “We charged Payward Inc. and Payward Ventures Inc., together known as Kraken, with operating Kraken’s crypto trading platform as an unregistered securities exchange, broker, dealer, and clearing agency.”

More to follow.